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Gen Y not interested in traditional status symbols

Written by Eric Johansson on Wednesday, 04 May 2016. Posted in Engagement, People

New research reveals that millennials are tearing up the rule book on how companies should motivate staff

Gen Y not interested in traditional status symbols

Millennials are often mislabelled as misguided and lazy. However, the Young Blood survey from Amplify, the marketing agency, turns this notion on its head, suggesting entrepreneurs may just have to rethink how they inspire screenagers. While their parents may have been motivated by the prospect of a fat pay cheque or climbing the property ladder, the first true internet-native generation is driven by a desire to be happy.

In a survey of 2,500 Brits between the ages of 13 and 25, Amplify has revealed that 44% of millennials equate happiness with success and 32% said that for them prosperity is more about achieving their personal goals. Only 11% were motivated by the prospect of owning their own house and 29% said the same about the prospect of generous remunerations for their services. That being said, it does seem that millennials have learnt a few lessons from the recession: nine in ten have savings and a quarter are planning for the long term. Only 8% admitted to having no savings at all.

While entrepreneurs may feel reluctant to hire a generation focused on their personal happiness rather than that of the company, it may be worth taking a second look. Not only will they get a more forward-thinking workforce, with 35% of millennials saying they would find a way of changing something they didn’t like, but Generation Y is more likely to take care of personal wellbeing, with 34% saying that poor health is their biggest concern for the future.

“Young people are ripping up the rule book of their parents and grandparents, using technology to rewrite the way they define everything,” said Bexy Cameron, head of insight and content at Amplify. “Essentially they are saying ‘f**k this’ to the expectations of previous generations – whether that’s career paths, modes of rebellion or role models.”

Here’s hoping people refrain from branding millennials Generation F.

About the Author

Eric Johansson

As web editor and resident Viking, Johansson ensures EB is filled with engaging and eclectic entrepreneurial stories. While one of our most prolific tech writers, he has sharpened his editorial teeth by writing about entertainment and fitness. Follow him on Twitter at @EricJohanssonLJ to catch up with his stream of consciousness.

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